Yesterday 5:42 am
Global investors’ rotation out of American assets will go on for years if President Donald Trump persists with his trade policy, according to a strategist who timed the unwind of US exceptionalism almost perfectly.
Societe Generale SA head of asset allocation Alain Bokobza was a US asset bull for a year until September 2024, when he warned of cracks appearing. He reiterated that call in February, warning investors to slash their exposure to US stocks and the dollar. The S&P 500 has fallen 15% since, while the Dollar Index is down nearly 9%.
“Back in September, we told clients that valuations in the US were worrying and that the US election could open the door to a less rosy scenario,” Bokobza said in an interview in Paris. “The new administration in Washington has created a very high level of broad uncertainty. This great rotation is just starting and could last for years.”
https://www.bloomberg.com/news/articles ... o-recovery
What a difference 120 days make, eh?
Good thing Fondler's calls don't expire until 2030...
Societe Generale SA head of asset allocation Alain Bokobza was a US asset bull for a year until September 2024, when he warned of cracks appearing. He reiterated that call in February, warning investors to slash their exposure to US stocks and the dollar. The S&P 500 has fallen 15% since, while the Dollar Index is down nearly 9%.
“Back in September, we told clients that valuations in the US were worrying and that the US election could open the door to a less rosy scenario,” Bokobza said in an interview in Paris. “The new administration in Washington has created a very high level of broad uncertainty. This great rotation is just starting and could last for years.”
https://www.bloomberg.com/news/articles ... o-recovery
What a difference 120 days make, eh?
Good thing Fondler's calls don't expire until 2030...